Commodity Currents: Follow Through Friday.

Mar. 23, 2012 10:33 PM ET

For the most part, today's trading action was a continuation of yesterday's movers. 10yr Treasuries while moving higher couldn't achieve a close over 129-05 but ended at 129-01 to try again for 130-00 if can continue higher. For Bonds, am looking for 138-17 with their objective is to get a close over 139-09 with the Dollar slipping in the other direction unable to make meaningful progress north of 80.00 with a possible downside objective of 79 if 79.28 doesn't hold. The Yen made an attempt at 1.2180 but was turned away but as long as 1.2027 holds as support, can always make another attempt with a close over 1.2200 puts 1.2400 within reach. The Euro currency benefited from more short covering bumping against 1.3300 after clearing 1.3218 with 1.3400 next if can build on these gains. Nothing new with the S&P500 as it remains over 1375.55 with buyers supportive around 1380.00 as I think it might be a while before we get a close with conviction under that level. Gold floated higher through 1658.00 improving its short-term outlook but still has more upside to do before getting back to 1700.00 whereas Sliver closed 2.68% higher approaching notable resistance as it tries to regain 33.00. Inside day in Copper could result in follow through gains if it can clear 3.8100 its 200day average thus far capped by 3.8500. Buyers were in the driver's seat in Crude taking it over 108.00 before pulling back with a lot of shorts being run over in that up tick off the day's lows, ouch. In contrast, a sleepy day in Natural Gas which floated up but failed at 2.309 suggesting the path of least resistance is lower. The grains were on the move again with Soybeans closing over 1358 once again looking for 1380 with Wheat clearing layers of resistance around 650 and Corn thinking about it fractionally higher turned away from 650. Oats closed in on 335 forming what looks like a bull flag on the daily which projects up to 390 have to keep an eye on this. Inside day in Coffee could result in a challenge of 182.77 if buyers support with Sugar turned away from 26.00 again souring prospects for higher prices especially if sellers can force a close under 25.29 and Cocoa bouncing off 2,278 closing short of 2337 its 100day average to try to make another attempt to close over 2,400. Borderline indecision day in Orange Juice holding over 165.00 trying to base with Cotton getting a close over 89.20 inching closer to 90.00 but sellers not willing to giving up.